Dodge City times. [volume] (Dodge City, Kan.) 1876-1892, 1887-02-10
sECRETART5 MANNING.

SECRETARY; MANNING.
Tho Head ofthe Treasury Department IN
IigateHs Congress 60 Certain Of HIS
Views IN Regard to Necessary Legislation
t. Preserve OUr Financial Equilibrium.
WAsHINGroS, Feb. SECRETARY Man
ming yesterday sent long cOmnunca-
tioa to Speaker Carlisle in reply to re-
cent resolution Of the House Of Represen-
tatiyes respecting reissue OF treasury
notes and Tie destruction OF United States
notes, etc. The first Of those resolutions
inquired whether any money appropriated
In the SUndry Civil bill or anv other gov
eminent money had been expended for the
purpose Of issuing treasury notes OF large
denominations, in lieu OF notes OF small
denominations Cancelled or retired Sec
rotary Manning, after observing that be
finds no authority TO reissue treasury
notes. says that if a moro patient scrutiny
Of the statutes at large discloees
such authority he cOuH not,
EXCEPT under fresh instructions
from Congress, conceive i. aduty to ex-
pend morcy for such purpose; and thon
he adds that none Of the appropriation re-
fcrre.i to- nor any other money belonging
TO the Government, has been expended for
such purposes The secretary then goes
into a long argument in favor Of paying
tho greenback debt and repeal OF the
Compulsory Silver Purchase bill. he
says:H
That another species of our outstand
ing Indebtedness, namely. tho legal ton
ders or greenbacks, known in law as
UnitOd States notes. are equally with what
the law des!gnates as treasury notes be-
yond any noed or excuse for reissue; that
temporary notes which are debt OF
principal and interest should ut once be
she'd end Cancelled frcm abundant and
superfiuous coin on hand not now capable
Of being applied TO airy other use-this is
so obvious D principle of sound finance
such as prudent citizen would apply to
his private affairs, that any Secretary OF
the Treasury would be subject 70
just rcproach for departure therefrom
by reissues, were It not that the
act of May 81. 1875 seems TO require OF him
that fiscal nisstep And l beg leave to
submit to the House tho question whether,
among many other reasons for it's repeal.
the contraction OF the currency sought TO
be avcrted by that art can not IN any
DthcE anu Lk'ttOT WHY w piCSOhoSrO eheSh
by it's repeal The fact that the S:tiGGSl,-
),S of greenbNck debt is a grecnback
currency. Is 60 far from bong O reason
against its payment that it Is reason
which makos It's payment and dest-uc-
ton nocessary-nOt without better
currency to take its place; but
such currency Is at hand. But,
also, contraction of the currency
should be avoided. The substitution OF
better currency for tho Groenbac!1s runs
no hazard of contraction. But the conse-
lucn ccs Of not using our coin surplus
thus are serious. For in currency OF
some sort with tho years. taxes PAID, and
The exc ess OF receipts over tho authorized
iisburs ements Of tho treasury would be
the II casure Of the contraction OF the
currency. This contraction can BIO avoided
by appropriations FOR on extravagant and
reckless Outpour Of expense like that OF
war. 1t can also be avoided by the pay
ment Of debt TIE first remedy need not
be discussod; Ii is Of course the remedy
Of tho most unworthy of the peoples
i he second rom edy is
all that rcmaiIs.s
"What debt, then, shall we pays" the
secretary asks, and goes on to Hrguo that
it would be an ineXcusablc extravaganza
TO diminish the bonded debt not yet due
by anticipatOry purchase at high
premium, when, under the operations OF
tho Sinking Fund law, every dollar OF the
National debt, greenbackS and oil. can be
cancelled by 1893. or anticipatory pay
mont of funded deb: at a high premium,
the secretary says:
"While successfully getting out Of the
treasury the currency tax surplus, and 80
preventing contraction in that form, Is
that method, nevertheless, which would
contract the currency in another form by
too suddenly diminishing National bank
circulation based on the funded debt. 1t
Is therefore necessary now, not only to
reduce taxation in order to prevent
surplus tax collecting from being currency
contracting again and again, but it is
necessary also to employ our prcsont and
unavoidable tax surplus in the payment
not of funded. but of the unfundcd debit
Great extravaganza or necdloss cXpoase or
serious monetary trouble can both be 80
avoided. The peoples representations, by
action before Adjournment can relieve the
Secretary Of the Treasury from n bad
choice between these now present altern-
2tiyes. The surplus coin and bullion
which will remain in the treasury after
all tho DO nds subject TO call have
been paid, and before the the F1fticth
Congress will assemble, together with the
proceeds of surplus taxation which will
flow into tho treasury before any possible
reduction Of taxes by tho present Con
gross can take effect, constitute q sum
which can we'll be got out of tho treasury
into tho hands of the people, where 1t be-
longs, by the payment of The groenback
debit Coin certificates arc q ready and
superior paper money to the grconbacks.
The Substitution can be effected aS mere
matter of treasury administration when
cver two Indispensable conditions are first
fulfilled by Congress-. The repeal of the
compulsory silver purchases is the first
Indispensable condition, and tho repeal Of
the compulsory host Of redemption reis-
sues of Unitod States notes is the next
and only other condition"
These two repeats are together neccs-
sary, the Secretary insists, to prevent on
the one hand an extravagant expense, Or
on the other hand considerable cOntrlc-
ton Of tho currency.
Replying to the other resolutions OF In
Quiry about the cancellation Of 81 and -
notes, tine Secretary presents tables show
ing that since August 4, 1885 there has
been u decrease bv destruction OF 8 SOL
9J7 of ones and s., 937,G S2 Of twos, and an
increase of S12, 00O, go In hves and -. O01,-
600 in ten dollar notes.
Complimentary Reception to General Fair
CHILD.
Concord, N. II, Feb. General Fair
child, Commander-in-Ch Chief of the G. A. R.,